Hard Rock posts $282.3 million net loss

March 13, 2009 - 7:51 pm

The Hard Rock Hotel posted a net loss of $282.3 million last year amid declining revenues, construction disruptions and a noncash write-down of $181.3 million on the property’s value, the company reported Friday in a filing with the Securities and Exchange Commission.

The niche property posted its lowest revenues since 2004 with yearly revenues declining 11.7 percent to $164.3 million from $186 million in 2007.

The decline was driven by consecutive quarters of double-digit decreases including a 19.5 percent revenue drop, from $35.8 million in 2007 to $28.8 million in the fourth quarter ended Dec. 31.

The property decreased staffing by 10.8 percent last year to 1,176 full-time workers.

The property is working on a $760 million expansion that is scheduled to be completed later this year.

The new Joint concert venue and additional convention space will open in April, with a 490-room hotel tower opening in August.

A 375-room all-suite tower along Harmon Avenue is scheduled to open in December, along with a new spa and a casino expansion.

The Mansion at MGM, a hotel within a hotel, features 29 luxury villas for invited guests only. (K.M. Cannon/Las Vegas Review-Journal)

Goodwill of Southern Nevada

Under CEO John Helderman, Goodwill of Southern Nevada has expanded its services including the new home of Goodwill’s Veteran Integration Program. Free job services are paid for by revenues generated by Goodwill's retail stores. In 2017, the sale of donated goods allowed Goodwill of Southern Nevada to train more than 17,000 job seekers. More than 2,500 of those found local jobs. (Las Vegas Review-Journal)

Little bat company on verge of MLB deal

Larry Thein, part owner and one of only three employees of the Tat2 Bat Company of Davenport, Iowa, made the company's first bat in a hog barn. He spoke of the humble origins during a trade show at the Baseball Winter Meetings in Las Vegas, Nev., on Dec. 12, 2018. (Ron Kantowski/Las Vegas Review-Journal)

Texas Roadhouse opens in North Las Vegas

Texas Roadhouse has opened at on Craig Road at Bruce Street in North Las Vegas as part of an emerging "restaurant row." (K.M. Cannon/Las Vegas Review-Journal)

Sunrise Hospital opened its doors to patients on Dec. 15, 1958. Employees of more than 35 years celebrated at a luncheon Wednesday, Dec. 12, 2018. Jessie Bekker/ Las Vegas Review-Journal.

Maya Cinemas to open soon in North Las Vegas

Moctesuma Esparza, CEO of Maya Cinemas, talks about the newest location in North Las Vegas, set to open Jan. 10. The aim of the theatre chain is to serve latino-centric, underserved communities.

Holiday shopping and returns make this the busiest time of year for UPS

The UPS Las Vegas South facility is the company's busiest pre-load operation in the country, and it's even busier this time of year. (K.M. Cannon/Las Vegas Review-Journal)

Primm’s outlet mall has fallen on hard times

The mall, attached to Primm Valley Resort, opened in 1998. Back then, it was a “textbook, perfect outlet-center location." But now, Primm’s outlet mall has fallen on hard times. Las Vegas Boulevard has endless shopping spots. And there are other outlet malls that don’t require a hefty drive to the state line. Its mortgage-holder foreclosed on the mall in late September.

Miltary auction at Ritchie Bros. Auctioneers

Humvees, ammo cans, construction equipment, field gear and more is on the auction block Friday and Saturday at Ritchie Bros. Auctioneers. About 10,000 items in all are for sale in what GovPlanet bills as the largest auction of its kind.

The Tesla Gigafactory’s economic impact on Nevada has exceeded projections, bringing in more than 7,000 jobs. In 2014, Nevada agreed to give the automotive and energy company $1.3 billion in tax abatements. In return, Tesla promised to meet certain requirements in areas like employment and capital investment. As of June, Tesla has brought in a total of $6.05 billion in capital investment, surpassing the $4.95 billion projection. The original contract gave the company until 2024 to make $3.5 billion in capital investments in Nevada. Derek Armstrong, deputy director of the Governor’s Office of Economic Development.

Land sales near the Las Vegas Raiders stadium

Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That's roughly 12 times the average price of land in the valley this year as tracked by Colliers International.

The Tech Experience Truck is a state-of-the-art showroom on wheels, with demonstrations that put connected drones, smart cities, augmented/virtual reality and smart tracking. The exhibit shows new wireless technology – including 5G and the Internet of Things (IoT). (K.M. Cannon/Las Vegas Review-Journal)

Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents

Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye

Crowds camp out for Chick-fil-A opening

Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.

Cheapest listings for sale in Las Vegas

Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)

MGM's sports betting deals

MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.

Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)

Team Hybrid at the 2019-Model Motor Trend International Auto Show

Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.